#Philippines #Manila #GCash #Overseas Filipinos #Thunes

GCash's New Feature Revolutionizes Overseas Remittances

In a remarkable development for overseas Filipino citizens, GCash, the leading financial super app in the Philippines, has unveiled its latest feature that connects overseas bank transactions with local bank accounts in the UK and the EU. This innovative update is aimed at making remittances easier, faster, and more affordable for approximately two million Filipinos living across Europe and the UK.

Starting from November, Filipinos residing in these regions will be able to seamlessly link their international bank accounts with the GCash application. The move aims to streamline the often complicated and costly process of sending money back to the Philippines. Prior to this, sending money home involved navigating a series of intermediaries, incurring high fees, and facing lengthy transaction times. Now, users can enjoy lower fees, faster transaction speeds, competitive exchange rates, and real-time access to funds, making it much more convenient to support their families back home.

Paul Albano, managing director of GCash International, emphasized the company’s commitment to serving the needs of Filipino citizens abroad. He noted, "Many Filipinos have chosen the UK and Europe as their homes. GCash hopes to be their trusted financial partner – by Filipinos for Filipinos – to fulfill their needs and support their connections with their loved ones."

Collaborating with Thunes for Enhanced Services

To further enhance the remittance experience, GCash is collaborating with Thunes, a global payments network, to provide this service. The partnership aims to simplify cross-border transactions and ensure immediate access to funds, fostering financial inclusion for the Filipinos living overseas.

Simon Nelson, Chief Revenue Officer of Thunes, highlighted their long-standing relationship with GCash. He stated, “We are expanding our collaboration with GCash, a valued member of our Direct Global Network, to transform digital wallet top-ups. Through Thunes’ network, we now offer instant top-up services, enhancing the way cross-border transactions are conducted.”

GCash's Vision of Financial Inclusion

The introduction of this new feature aligns perfectly with GCash’s vision to make finance accessible to all. The company has been recognized as the first and only unicorn in the Philippines, valued at $5 billion. With fresh investments from major players like Japan’s Mitsubishi UFJ Financial Group and Ayala Corporation, GCash is poised to expand its offerings significantly.

“We prioritize the financial needs of all Filipino citizens, whether they are in the Philippines or abroad. We understand that our compatriots in Europe and the UK work hard to support their families back home,” remarked Albano, underscoring the app's mission to ease the financial burdens of overseas workers.

The Power of GCash

GCash stands as the number one financial super app in the Philippines and is recognized as the largest cashless ecosystem in the country. Through the app, users can easily purchase prepaid credits, pay bills to numerous billers across the Philippines, send and receive money locally and internationally, shop at over 6 million registered merchants, and access a myriad of financial services, including savings, loans, insurance, and investments—all through their mobile devices.

The transactions on GCash are processed by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, further solidifying its reliability and security in the financial tech landscape.

Conclusion

The recent advancements introduced by GCash represent a significant step in revolutionizing the experience of Filipino expats by offering them a straightforward, efficient method to manage their funds and support their families. As GCash continues to enhance its service offerings, it reaffirms its role as an indispensable tool for financial empowerment within the Filipino community, both domestically and abroad.